MHB posts Q1 loss

MHB posts Q1 pre-tax loss

Malaysia Marine and Heavy Engineering (MHB) on Wednesday posted a RM5.3 million (US$1.36 million) pre-tax loss for the first quarter of this year. 

This compares to a pre-tax profit of RM35 million during the first quarter in 2015, a statement by the company reveals.

The company’s revenue reached RM265.7 million, a drop compared to the RM719 million revenue achieved in the corresponding quarter the previous year.

The offshore business unit recorded a drop in revenue from RM616.3 million in the first quarter 2015 to RM136.4 million during the quarter under review.

“The contraction was due to lower backlog as most projects are nearing completion and lesser change orders recognised in the current period,” MHB said.

During the quarter, MHB said it continued its work on the Petronas’ FLNG-2 turret.

The company’s marine business recorded an increase in revenue from RM103.2 million in the first quarter last year to RM120.3 million in the first quarter of 2016, due to higher work value for LNG, LPG, FPSO and FSU category vessels repaired.

MHB’s managing director and CEO Haji Abu Fitri Abdul Jalil expects the group’s offshore business to remain sluggish due to the challenging environment in the upstream segment.

He expects the marine segment to remain positive cushioning the slowdown in the offshore business.

Haji Abu Fitri Abdul Jalil, will leave his position in MHB on April 30, and return back to Petronas. MHB is 66.5 percent owned by LNG shipper MISC in which Petronas has a 62.67 percent stake.

1 RM = 0.26 USD


LNG World News Staff

Share this article

Follow LNG World News


<< Apr 2019 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Central and Eastern Europe SSLNG Forum

SSLNG projects are important for Central and Eastern Europe (CEE) because they offer opportunities for solving issues…

read more >

Klaipeda LNG Forum 2019

Klaipėda LNG forum 2019 organised by Klaipėda Science and Technology Park, Klaipėdos nafta and Embassy of the Netherlands will take place on the 15-16 May at Klaipėda Castle’s site hall, Lithuania.

read more >

Flame 2019

Flame is Europe’s largest gathering of midstream gas & LNG players, bringing together everyone who matters – from producers to utilities, purchasers, infrastructure providers, traders, regulators and policy makers.


More info

read more >